DAILY NEWS

Daily News – 6 Sep 2022 (Tue)

SINGAPORE REAL ESTATE

Seven Sim Lim Square units for nightlife venue use on the market for S$17m
Seven retail units at electronics and IT mall Sim Lim Square have been put on the market for sale via private treaty with a guide price of S$17 million, marketing agent Huttons Asia said on Monday (Sep 5).
https://www.businesstimes.com.sg/real-estate/seven-sim-lim-square-units-for-nightlife-venue-use-on-the-market-for-s17m
https://www.straitstimes.com/business/property/7-sim-lim-square-units-for-nightlife-venue-use-go-on-sale-for-17m

The Nassim unit tops Q2 resale gains, with seller reaping S$6m profit after 4 years
A transaction for a 4,069 square foot (sq ft) unit at The Nassim was the most profitable deal by quantum in the resale market in the second quarter, as the seller walked away with a cool S$6 million in profit in a little over 4 years.
https://www.businesstimes.com.sg/real-estate/the-nassim-unit-tops-q2-resale-gains-with-seller-reaping-s6m-profit-after-4-years

Construction, facilities management sectors expected to collaborate to optimise resources: BCA
The construction and facilities management sectors will be expected to collaborate more effectively to optimise resources throughout a building’s life cycle, the Building and Construction Authority (BCA) said on Tuesday (Sep 6).
https://www.businesstimes.com.sg/government-economy/construction-facilities-management-sectors-expected-to-collaborate-to-optimise

Firms reliant on foreign labour concerned with ‘painful’ penalties for workplace accidents, but agree safety is priority
Some of the manpower ministry’s new workplace safety measures, especially a ban on errant firms hiring foreign workers for up to three months, will be onerous, construction and manufacturing firms said. However, they acknowledged that they have to step up their act given that lives are at stake.
https://www.todayonline.com/singapore/foreign-manpower-penalties-stiff-safety-priority-1984826

Ang Mo Kio, Tampines BTO projects most popular in August launch; demand for PLH flats dampens
Larger flats in the mature estates of Ang Mo Kio and Tampines were the most popular in the August Build-to-Order (BTO) sales exercise. As at 5pm on Monday, close to eight first-time applicants were vying for each of the 398 four-room flats and 372 five-room and three-generation flats at the Central Weave @ AMK project.
https://www.straitstimes.com/singapore/housing/ang-mo-kio-tampines-bto-projects-most-popular-in-august-launch-demand-for-plh-flats-dampens

SINGAPORE ECONOMY

Singapore open to fresh High-Speed Rail proposals, DPM Wong says in meeting with Malaysian PM
Singapore is open to fresh proposals from Malaysia on the Singapore-Kuala Lumpur High Speed Rail (HSR) project, Deputy Prime Minister Lawrence Wong said on Monday (Sep 5) in his meeting with Malaysian Prime Minister Ismail Sabri in Kuala Lumpur.
https://www.businesstimes.com.sg/government-economy/singapore-open-to-fresh-high-speed-rail-proposals-dpm-wong-says-in-meeting-with

Singapore retail sales grow 13.7% in July, extending June growth
Singapore’s retail sales grew 13.7 per cent year on year in July, extending the 14.9 per cent increase seen in the month before.
https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-grow-137-in-july-extending-june-growth
https://www.straitstimes.com/business/economy/spore-retail-sales-rise-137-in-july-as-growth-slows-again-amid-higher-inflation

Singapore aiming to have emissions reach net-zero by 2050; public feedback sought
Singapore is considering setting 2050 as the year for Singapore to have its planet-warming emissions reach net zero, giving clarity to a timeline announced earlier this year.
https://www.businesstimes.com.sg/government-economy/singapore-aiming-to-have-emissions-reach-net-zero-by-2050-public-feedback-sought
https://www.straitstimes.com/singapore/environment/singapore-aiming-to-have-emissions-reach-net-zero-by-2050-public-feedback-sought

Banks in Singapore raise fixed deposit rates as demand surges for safe returns
Thinking of parking some money in a fixed deposit? Good news – as interest rates for both loans and savings accounts rise, fixed deposit rates are increasing too.
https://www.channelnewsasia.com/singapore/banks-singapore-fixed-deposits-interest-rates-promotions-uob-ocbc-dbs-2920996

GIC’s 20-year annualised return at 4.2%; rebalances portfolio to keep up with inflation
GIC reported a 4.2 per cent annualised rolling 20-year real rate of return for the latest period ended Mar 31, and is rebalancing its portfolio — by shoring up on private equity and real assets — as recession risks grow.
https://www.businesstimes.com.sg/government-economy/gics-20-year-annualised-return-at-42-rebalances-portfolio-to-keep-up-with

Malaysia’s largest banks project slower loan growth in H2; Hong Leong, RHB among analyst favourites
Malaysia’s largest 5 banks by asset size saw positive loan growth for the quarter ended Jun 30, but expect this pace to moderate in the rest of the year in the face of expected upcoming interest rate hikes and global headwinds.
https://www.businesstimes.com.sg/asean-business/malaysias-largest-banks-project-slower-loan-growth-in-h2-hong-leong-rhb-among-analyst

COMPANIES’ BRIEF

Keppel Land to acquire JV partner’s 4% stake in China golf resort owner
Keppel Land, a unit of mainboard-listed Keppel Corp, will acquire from its joint venture partner a 4 per cent stake in Kingsdale Development, which owns 80 per cent of the Spring City Golf & Lake Resort in Kunming, China.
https://www.businesstimes.com.sg/companies-markets/keppel-land-to-acquire-jv-partners-4-stake-in-china-golf-resort-owner

Citi formalises work-from-home policies, Singapore office space requirements likely unchanged
Citi has formalised a new flexible work model for its operations globally, with Singapore part of the first phase to implement the model worldwide, Citi Singapore said on Monday (Sep 5). The model splits employees around the world into 3 role designations – hybrid, resident and remote – that will determine how often staff will have to return to the office.
https://www.businesstimes.com.sg/companies-markets/citi-formalises-work-from-home-policies-singapore-office-space-requirements-likely